Gokaldas Exports (Gokex), incorporated in 1979, is one of India’s largest manufacturers and exporters of apparel, exporting it to 50+ countries. Its vertical integrated business model makes it a one stop destination for leading apparel brands
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Niva Bupa has shown strong execution & delivered sector-leading performance. Buy for target price of ₹90 (22% upside): ICICI Securities
Niva Bupa has been able to deliver standout growth in health insurance premiums (~40% CAGR between FY20-25) while its improved scale and assets under management should help improve margins and earnings growth ahead (expect IFRS PAT CAGR of 53% over FY25-27E). The relative high growth could continue driven by diversified channel which in turn creates positive flywheel on loss ratios, especially when players across industry including Niva have taken multiple price hikes
InterGlobe Aviation is the best domestic consumption play. Buy for target price of ₹6550 (27% upside): Motilal Oswal
We upgrade INDIGO to BUY as we believe that benign Brent crude prices amid the ongoing geopolitical turmoil and favorable domestic demand bode well for the company. We assign a TP of INR6,550 premised on 10x FY27E EV/EBITDAR. The stock currently trades at a P/E of 20x FY26 EPS and 9.7x FY26E EV/EBITDA. We estimate a CAGR of 28%/38% in EBITDA/PAT during FY25-27E
Sun Pharma’s Leqselvi opportunity to be as significant as Ilumya is today by FY30. Buy for target price of ₹2400 (45.3% upside): Emkay
The US Court of Appeals has vacated the preliminary injunction against Sun Pharma’s launch of Leqselvi which was granted by the US District Court of New Jersey in Nov-24. While the decision of the US Court of Appeals now technically clears the way for Sun to launch Leqselvi, we note that the litigation between Incyte and Sun is still under way and a launch prior to the expiry of Incyte’s ‘335 patent (Dec-26) will be an at-risk launch
Sobha Ltd has a robust launch pipeline, strong balance sheet and stable cash flows. BUY for TP of ₹2,459 (112% upside): HDFC Securities
Sobha Ltd (SDL) delivered a sharp sequential recovery in Q4FY25 with presales of INR 18.4bn (+24.4% QoQ, +18.1% YoY) c.50% from its new launches, supported by robust traction in Bengaluru (INR 14.1bn; ~77% of sales), alongside improved performance in Gurgaon, Hyderabad, Tamil Nadu, and Kerala. SDL’s average realization for FY25 stood at INR 13,412/sf (+22.8% YoY), aided by a rising share of own land projects (~79% of FY25 sales)
Hindustan Aeronautics (HAL) is a market leader in aerospace defense. Buy for target price of ₹5100 (27% upside): Motilal Oswal
Hindustan Aeronautics (HAL) is a market leader in aerospace defense. It boasts a strong order book of INR1.8t as of 31st Mar’25, along with a promising prospect pipeline of INR6t, which is likely to be awarded over the next few years
Jana Small Finance Bank has the scale to achieve sustainable profitability. Buy for target price of ₹600 (43% upside): Nuvama
Jana Small Finance Bank (JSFB), since inception has focused on financial inclusion by serving underserved and unbanked populations in India. It evolved from an NBFC to an NBFC-MFI, then to a small finance bank, and became a scheduled commercial bank in 2019
Vishal Mega Mart is well placed for sustained profitable growth. BUY for target price of ₹140 (32% upside): ICICI Securities
Vishal Mega Mart’s (VMM) private label strategy in FMCG (~27% of revenue) has been important for its success story, redefining value for consumers. Our primary research outcomes: 1) High presence of large-pack SKUs and 2) reputed manufacturers for its private label brands. Both these features imply its focus on consumers seeking true value in FMCG by purchasing large packs private label brands without compromising on quality
KVB Bank Ltd is delivering consistent and superior returns amidst industry headwinds. Buy for target price of ₹285 (34% upside): SMIFS
Amidst the slowing down of banking sector earnings and a broader market sell off, bank investors would likely focus their attention on select quality bank stocks that can deliver superior growth and are protected from contemporary asset quality shocks. We view KVB is favourably placed to withstand the current industry headwinds
Aditya Birla Real Estates is eyeing to be in the top five league. Buy for target price of ₹2500 (32% upside): ICICI Direct
Aditya Birla Real Estates (CENTEX), is the real estate arm of the Aditya Birla group, having two major verticals viz. Real Estate and Paper & Pulp. Residential portfolio is well diversified across MMR, NCR, Bengaluru and Pune. Worli comprise more than 50% of the overall portfolio GD
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